Global COVID-19 data tracks FinTech’s progress through unchartered waters

Global COVID-19 data tracks FinTech’s progress through unchartered waters

The global FinTech industry is growing amid the pandemic, although results vary across geographies and verticals.





FinTechs have been adapting to fluid market conditions by revamping product and service offerings but still face significant operational challenges.





They have reported the need for more supportive regulatory measures and regulatory innovation initiatives for future success.



In recent years, emerging technologies coupled with innovation in business models have resulted in the development of new financial instruments, channels and systems. FinTech, or technology-enabled financial innovation, has begun to reshape the provision of financial services around the world, from digital payments and digital lending to InsurTech.

Since the onset of the COVID-19 pandemic, there has been speculation about how the still-nascent FinTech industry would fare in a sharp economic downturn.

Conversely, there has been anecdotal evidence suggesting that FinTech is playing an important role during COVID-19; providing finance to micro, small and medium enterprises (MSMEs), facilitating mobile payments and expanding digital financial services to reach unbanked and underbanked populations. However, empirical data to support this is still scarce.

To bridge that gap, the Cambridge Centre for Alternative Finance at the University of Cambridge Judge Business School, the World Bank Group